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Questions and Answers

• Does AirBnB work the same globally? 

The idea is the same, but some of the functions will be different. For example, payment systems will be different depending on the country you live in. Same with cleaning services. The basic idea of offering someone a place to stay in exchange for a fee is the same.

• I have a landlord concerned with a privacy issue regarding a camera on the door, what should I do?

Since the unit already has cameras pointed at the hall in the building, there shouldn’t be any issues. The important legal idea is where there is an expectation of privacy you can’t place a camera, but that doesn’t apply in this case. You would just be adding what is essentially another security camera to a hall that already has them.

From a privacy standpoint, having a doorbell camera pointed at another unit’s door can be a problem since the camera could potentially see into the other unit when the door is open. This could lead to complaints from the other tenant which is why J tries to avoid those kinds of units. If you can control both sides of the hallway, that removes the issue so that’s a good strategy if you can swing it.

• How long does it take to get started in short term rentals?

This is a hard question to answer because of all the variables involved. Some markets are more difficult than others, but in general for most people it won’t take too long to get started. Cashflow Diary students get a big advantage because they get the knowledge to select the best properties for their business, so they can earn the most money and continue growing.

Having had the privilege of teaching a variety of real estate strategies, short term rentals is the one that has allowed people to learn the most the fastest and get their business up in running very quickly.

It is possible to go from lease signing to operation in 72 hours if you have the systems in place.

• Can you talk about your process for finding and training cleaners?

Finding the right cleaners is a big piece of the puzzle. Ideally you don’t go looking for cleaners, you make them find you. One way to find a cleaner is to make a reservation at a short term rental you don’t own, and when the check out happens just wait until the cleaner shows up. Another method is to join your local BNI, because that organization is referral based and a cleaner is likely to already be vetted by the person referring them. Chances are you will have to work with a few different cleaning companies before you find one you can rely on.

• How do you recommend I leverage the leads I’m getting from a real estate broker with other local businesses?

It’s a great idea to try to leverage your existing leads with other local businesses, but it really depends on the size of your business. The simplest way is to just go into the store and tell them who you are and what you do.

If you can show them that you can help lower their customer acquisition cost, you’re set.

• When is a good time to start a new unit?

It’s always a good time to start a new unit. When you start a unit into the low season you are building up a profile so that in the high season you will have enough reviews to maximize your profits in the high